Minda Industries has acquired the global lighting business of Spain-based Rinder Group, which manufactures head, tail and small lights for EUR20m (US$21.9m).
The acquisition includes 100% equity holding in Rinder India and Light Systems and Technical Centre, Spain, along with 50% equity holding in Rinder Riducu, Colombia. The deal will be financed through internal accruals and debts.
Rinder Group has an annual turnover of EUR55m and has its own technology and design centre.
“This acquisition will establish Minda Industries as technology leader in lighting solutions and will further augment the R&D capabilities of the company,” said UNO Minda Group chairman, N Minda.
“Our vision is to achieve 25% of group turnover from international business. The overseas leg of this global acquisition will ensure the company moves closer to its vision and expand its geographical footprints further.”
Rinder India’s plants are located at Chakan and Pimpri in Pune, Maharashtra and Bahadurgarh, Haryana. The Light Systems and Technical Centre is located at Bilbao, Spain.
Uno Minda has manufacturing facilities in Indonesia, Vietnam, Spain, Morocco and Mexico and has offices in Japan, Europe and China.
It has 36 manufacturing plants in India and joint ventures with companies in Japan, Italy and India.